The world’s largest golf course was hit by a record $12 billion investment, bringing its total assets to more than $20 billion, a record for the world’s biggest development, according to an investment report released on Wednesday.
The United States Golf Course at Lakewood, Fla., was worth $12,058 million in 2017, the report said.
The value of the entire U.N. Golf Concours d’Elegance golf course in France, which is the most expensive in the world, was about $6.5 billion.
The investment was part of a larger $30 billion investment plan to transform the U.P.T.O. into a world-class destination, said David Fischbach, president of The Fischbeck Group, which specializes in golf investments.
The U.T.’s first three courses opened in 2002, but the company now plans to open its next four courses in 2024, Fischbach said.
“Lakewood was a great addition to our global portfolio of great courses,” he said.
“The U.U.P., which was built over the course of a very, very long time, has a lot of room for improvement.
The courses have to be better, the courses have had to get a little bit more beautiful, and it has to be a better destination.
So I think it’s a good investment for us.
We think it has the potential to be an extraordinary golf destination.”
Fischbach said the UP.
P.’s total investment was almost $30 million more than the total value of its properties and was made possible through the combined assets of two U.K.-based development companies: The Golf Concour d’Europe and The Golf Development Corporation.
The golf course’s future development has been in the works since 2012 and was estimated to cost between $5.5 and $7.5 million per course, Fichbach said.
The UHIT’s Lakewood site includes two courses.
The two golf courses are not currently owned by the UHCT, and they are owned jointly by the resort.
Fischbah said the investment was made in a way that was not only sustainable, but also in the best interests of the resort, which he said had been struggling financially for years.
The resort’s annual operating income dropped 20 percent in the first half of 2018.
Fichbah said UHET’s business was still growing, and he expects it to remain in the black for the foreseeable future.
“This is a very exciting development, and we are thrilled to have the opportunity to contribute to the future of Lakewood,” said Tom Pyle, chief executive of UHNT.
“It is an example of a project that we are proud of and one that will continue to serve our customers.”
Fischerbach said Lakewood’s investment will create jobs and bring a new generation of golfers to the UU.
The United States golf course is part of the U-M campus, which includes the UUM, UUM Golf Concorde and the UUNC golf course.
U.M. has been working with the UPU to develop the golf course for some time, Fischerbach noted.
The first three Lakewood courses opened between 2002 and 2012, with the last three opening in 2012.